Tag: AVGO

The major equity indices closed modestly lower on Friday, one day after the S&P 500 notched a fresh record high close. The S&P 500 gave up 0.1% on the session while the Nasdaq Composite lost 0.2%. Six of the 11 S&P sector SPDR ETFs finished higher, led by Energy ($XLE). Healthcare ($XLV) was the weakest of these funds.

Treasury yields shifted higher as bond traders made sales. The U.S. 10-year note paid 4.69% (+4 BPS) by day’s end while the two-year note paid 4.17% (+2 BPS). Stocks started out the day on strength after July U.S. retail sales fell 0.6% month-over-month to $763.6 billion. This was considerably softer than expected and marked the largest one months drop for the series in more than a year.

Sandisk ($SNDK) was the star of the S&P 500, gaining 7.4% on continued strength one day after the firm’s investor day, where management outlined strong long-term growth and margin targets for the business. Applied Materials ($AMAT) at -5.1% for the day was a laggard, but Broadcom ($AVGO) led the way lower at -5.9%. 

OK, gang. It’s Friday night. I need a break. I bet you do, too. With a little luck and the blessings of a merciful God, Dougie should be back at the helm on Monday. May all of you have a safe and enjoyable weekend. Sarge out. 

Positions: Long SNDK equity.